From left to right: Titus Osawe, Board member, IoDCCG; Olamide Oyeniyi, Board member, IoDCCG; Jazuli Lawal, Assist. Director, IoD Nigeria; Mrs. Zubaida Umar, ED, Finance & CS, FMBN; Madu Hamman, HCIB, MD/CEO, FMBN; Shuaibu Idris, mni, FIoD, Board Charman, IoDCCG; Kingsley Chukwuma, ED, BD&PM, FMBN; Nerus Ekezie, Ag. CEO, IoDCCG.
The Chairman, IoD Centre for Corporate Governance, Alhaji Shuaibu Idris, mni, FIoD recently led Members of the Board of Governors and Management to a courtesy visit to the Senior Management of Federal Mortgage Bank of Nigeria (FMBN) at its Head Office in the FCT Abuja. The FMBN team on ground to receive the Centre’s team was led by the Managing Director/CEO, Mr. Madu Hamman.
The MD/CEO of FMBN warmly welcomed the Centre’s team and after due introduction by both parties, he invited the IoDCCG team to shared its mission to the Bank.
The IoDCCG Chairman, Alhaji Shuaibu Idris, mni, FIoD informed the MD/CEO and his team that IoDCCG is an organisation limited by guarantee and the citadel of Corporate Governance in Nigeria. He further stated that the Centre has recently watched FMBN with keen interest and note its achievements in steadily supplying the mortgage and housing markets with sustainable liquidity to advance homeownership among Nigerians and wish to commend the MD/CEO for his several initiatives.
He went further to give a background on the birth of IoDCCG by its founders (IoD, SEC, and CAC), which was conceived upon the realisation of the need to entrench good Corporate Governance practices in Nigeria following news of collapse of some organisations globally. He recalled that for more than fifteen years the Centre has championed good Corporate Governance in Nigeria through robust services such as Corporate Governance (CG) Training, CG services, CG Audit, Board Induction and Evaluation, Internal Audit Assessment, and the latest being the Whistle Blower Services, all in a bid to entrench global best practices in corporate entities in Nigeria.
The Chairman stated that to ensure critical stakeholders are carried along in this journey, the composition of IoDCCG Board of Governors cut across the Institute of Directors (IoD) Securities & Exchange Commission (SEC), and Corporate Affairs Commission (CAC). He further stated that upon consultation, the Centre expanded the Board to have the Nigerian Stock Exchange (NSE), the Chartered Institute of Bankers (CIBN) and the Nigerian Association of Chamber of Commerce & Industry, Mines and Agriculture (NACCIMA), the Financial Reporting Council of Nigeria (FRC) and the Central Bank of Nigeria (CBN).
Among major important issues presented to the Managing Director and his team at the meeting were as follows;
Appreciation
The Chairman recalled that the Centre has over the years continued to provide capacity development services to the Bank. Specifically, the Centre in 2017/2018 designed the Bank’s Corporate Governance (CG) Framework, conducted the Board and Governance Evaluation, as well as a robust Board Induction and CG training for Board members and staff.
In this regard, the Chairman expressed the Centre’s deep appreciation for choosing the services of IoDCCG and institutionalising good governance anchored on the Corporate Governance Framework designed by the Centre on behalf of the Bank, among other services.
Renewal of Corporate Governance Services
The Chairman said that to sustain the momentum and maintain the lead in line with global standards, he reminded the MD/CEO that most of the services earlier provided by the Centre are due for renewal namely, Board Evaluation, which ought to be conducted at least once every three years in line with the Nigerian Code of Corporate Governance 2018, Board Induction for new and existing Board members and Corporate Governance training. The Chairman stated that he is optimistic these services will be renewed without hesitation. A letter in this regard was submitted therein.
Automatic Institutional Corporate Membership Registration with IoDCCG
Arising from the mutual relationship, free Institutional Membership Registration of FMBN with IoDCCG was proposed to the Bank upon approval by the Board. The MD/CEO was informed that the IoD Centre for Corporate Governance admits both private and public sector organisations as Corporate Members and this is in line with its mandate to directly collaborate and support organisations in their Corporate Governance journey at all times.
The National Corporate Governance Summit 2023
The Chairman thanked the MD/CEO for featuring its brand in the colourful Summit brochure during the maiden edition of the National Corporate Governance Summit held in Lagos on 7th and 8th November 2022. He used the opportunity to solicit for financial support from the Bank for the 2023 edition of the Summit slated to hold later in the year. He appealed to the MD/CEO and the Management to commit to partnering with the Centre for this event pledging facilitation slots for the MD/CEO at the plenary sessions.
Ethics 1st Platform. The Chairman introduced Ethics 1st to the Bank as a platform that prepare organisations on how to conduct business ethically and place businesses on a sustainable growth trajectory by linking it to global business community seeking to do business with local ethical companies.He said that IoDCCG partners with the Centre for International Private Enterprise, CIPE, USA, toraise awareness about the Corporate Governance and Business Integrity Standards and Value of FREE listing on Ethics 1st Platform. FMBN was informed that the Special Purpose Vehicle, SPVs of its facilities and corporate mortgage loan beneficiaries are advised to be listed on Ethics 1st by undergoing the capacity-building and technical support in an efficient and affordable way.
Whistle Blowing Service
The Bank was informed by the Chairman that the Centre offers whistle blowing services to private and public institutions, and that the Centreserve as a third-party hotline where your employees can anonymously report any misconduct within the institution. By implementing a confidential hotline, FMBN will create a safer means for employees to report ethical and legal violations before they escalate.
The Managing Director/CEO, Mr. Madu Hamman who was visibly excited with the visit, firstly apologised for rescheduling the visit but happy it eventually happened. He informed the IoDCCG team that after carefully listening to the Chairman’s address, he agreed to almost all the request in view of the tremendous value it will add to the Bank. He reinstated his support for the mutual relationship and pledged to continue with it.
The MD/CEO specifically agreed to the following requests.
- To support and participate actively in the 2023 Summit and promised to mobilise the mortgage sector under FMBN supervision to also participate.
- The Board Induction of the Directors – He requested the Board Secretary to implement.
- To consider the whistle blowing service given the Board’s recent approval of the policy.
- Expressed interest in the Ethics 1st platform and demanded more information on its implementation.
- Endorsed the automatic institutional membership offer and thanked the Centre for the gesture. He requested the SA to facilitate its actualisation.
- He acknowledged the positive impact of the Centre’s training and services, while admitting the need for renewal of some of the services.
The visit was wrapped up with presentation of journals produced by IoDCCG to the Management of FBMN and a reciprocal gift presentation made to the Chairman of the Centre by the MD/CEO of FMBN. The visiting team departed after a group photograph.
IoDCCG Management